Hyundai Group to start China fund

Hyundai Motor Group, Korea’s leading automaker, has pledged to pursue corporate social responsibility programs in China as part of efforts to return some profits to Chinese society, company officials said yesterday.

The world’s fifth-largest carmaker agreed last week with the Chinese Central Committee of the Communist Youth League to jointly establish a 100 million yuan ($16 million) fund to support Chinese youth entrepreneurship, Hyundai Motor officials said.

China has risen to become the largest market for Hyundai Motor Group, which includes Hyundai Motor and its affiliate Kia Motors, since 2010. The carmakers sold a combined 1.1 million vehicles in China to capture a 9 percent market share that year.

The Youth League is a social movement organization in China for young people aged 14 to 28.

Under its program with the league, Hyundai Motor Group will provide 20 million yuan each year through 2016. Yonhap